Question: 1, Given that U(x, y) = 4x 2 + 3y 2 . a) Find expressions for Marginal utility of good x and y? b) Find

1, Given that U(x, y) = 4x2 + 3y2 .

a) Find expressions for Marginal utility of good x and y?

b) Find an expression for the marginal rate of substitution?

2. What is ordinal utility analysis? state its assumptions

3. What is an indifference curve? Explain why indifference curves

i. Have negative slopes

ii. Are convex to the origin

iii. Do not intersect

4.

1, Given that U(x, y) = 4x2 + 3y2 . a) Find

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